Russ Mould is AJ Bell's Investment Director. He has a Master's degree in Modern History from the University of Oxford and more than 30 years' experience of the capital markets.
He started out at Scottish Equitable in 1991 as a fund manager, where he had responsibility for the Nordic and Swiss equity markets. In 1993, Russ joined SG Warburg, now part of UBS investment bank, and worked there as an equity analyst covering the technology sectors for 12 years. He has also worked on IPOs and M&A deals. Russ was voted best analyst in the semiconductor sector in 2001 by Institutional Investor and reached the level of Managing Director in 2003 when he became head of UBS' global semiconductor research effort.
A member of the Chartered Institute for Securities and Investment (MSCI), Russ is responsible for providing written and video content for customers and clients. He also helps to build the company’s profile in print and broadcast media as part of AJ Bell's wider PR and brand team, working alongside the Investment Committee.
Russ joined Shares Magazine as technology correspondent in 2005 and took on the post of Editor in 2008. He was appointed as AJ Bell's Investment Director in 2013 following the company's acquisition of Shares' parent company, MSM Media. Russ regularly creates content across the AJ Bell website, including the Daily Market Update and Chart of the Week, and he hosts his own 'Breaking the Mould' weekly video series.
Outside of work, Russ is a qualified cricket coach, Italian speaker and avid fan of Doctor Who and NFL.
22 April 2025
Why investors need to keep watching the yenPolicy statements on trade, the tariffs and the dollar from Washington and Beijing are dominating the headlines and the attention of stock, bond, commodity and currency markets. But investors must pay heed to what is going on in Tokyo, too.
A major rally in the yen was fingered as the cause of last August’s brief stumble in share prices around the...
17 April 2025
FTSE 100, gold, Sainsbury's, Dunelm“The FTSE 100 was lower in early trading after selling in the US overnight and despite gains for Asian indices,” says AJ Bell Investment Director Russ Mould.
“Discussions between the US and Japan on trade and noises that China might be open to its own negotiations on trade helped improve the mood music in Asia.
“Elsewhere, Taiwanese chip...
16 April 2025
FTSE 100, Bunzl, Barratt Redrow, WH Smith“The FTSE 100 was firmly lower early on Wednesday as investors reacted to the latest developments on tariffs and trade,” says AJ Bell Investment Director Russ Mould.
“A warning from AI chips champion Nvidia that it will face a $5.5 billion hit from tightened US controls on exports to China marks a new chapter in the escalating tit-for-tat between...
15 April 2025
FTSE 100, luxury brands, Halfords, B&M“The FTSE 100 made a strong start to proceedings on Tuesday after comments from US Vice President JD Vance that there’s a ‘good chance’ of a UK-US trade deal,” says AJ Bell Investment Director Russ Mould.
“Suggestions there might also be a softening of tariffs on the motoring sector also helped lift the mood – with names which have sold off most...
14 April 2025
Gold, Goldman Sachs, Wood Group“An announcement slipped out quietly late on Friday exempting smartphones and other electronic goods and components from reciprocal tariffs is making a big noise in the markets on Monday,” says AJ Bell Investment Director Russ Mould.
“Asian stocks made meaningful advances on the show of flexibility and European markets opened firmly higher too...
10 April 2025
Daily market update: Trump tariffs, European stocks, China trade war, Tesco“If you felt a bit of a breeze around 6.30pm UK time last night it was probably the cumulative effect of countless global investors breathing a massive sigh of relief,” says AJ Bell investment director Russ Mould.
“News that the particularly punishing ‘reciprocal’ tariffs introduced by the Trump administration would be put on hold saw substantial...
9 April 2025
US shares touch ‘bear market’ territory: What this meansThe thirteenth modern-day ‘bull market’ in America’s S&P 500 may give way to the thirteenth ‘bear market,’ although the benchmark has started to try and return to safety.
Bear markets occur when a market drops over 20% from its peak price, while a bull market is the rising counterpart. The good news is that bear markets tend to be much shorter than...
9 April 2025
Daily market update: European stocks, Saga, Assura“Yesterday’s fragile recovery in stocks has been shattered by renewed selling as reciprocal tariffs on what the Trump administration regards as the ‘worst offenders’ comes into effect,” says AJ Bell Investment Director Russ Mould.
“Investors had initially taken some positives from a willingness in the White House to negotiate with Japan and Israel...
1 April 2025
FTSE 100 dividend growth expected to resume after nearly flat 2024Even after a wobbly start to March, the FTSE 100 continues to confound both the doubters and those who think that stock markets start and end in New York.
The index has, thus far, added to its 6% capital return and double-digit percentage total return, as the US has started to lag on the global stage.
Whether this trend continues or not remains to...
21 March 2025
Daily market update: JD Sports, Nike, ASOS, Wetherspoons“The FTSE 100 fell after more selling on Wall Street overnight and weakness in Asia as the Bank of China kept rates unchanged. This put pressure on the mining space given heavy Chinese consumption of commodities,” says AJ Bell investment director Russ Mould.
“Among the fallers was JD Sports Fashion as the retailer reacted to weak results from Nike...
14 February 2025
Gold hits a new all-time highThis year’s record highs in the US, UK and German stock markets continue to make headlines, but another, much more unsung asset is also breaking new ground and that is gold, which hit $2,942 an ounce on 11 February.
The metal’s 44% surge in the past year has even outpaced the 31% increase in the combined valuation of the so-called ‘Magnificent...
13 February 2025
Daily market update: British American Tobacco, Barclays, Unilever“A surprise uptick in the UK economy gave a glimmer of hope to consumer-facing stocks, with JD Sports, EasyJet, Howden Joinery and Taylor Wimpey all moving higher,” says Russ Mould, investment director at AJ Bell.
“A 0.4% positive reading in December is better than the 0.1% growth forecast by economists, but it’s hardly cause for major celebration...
24 January 2025
Trump’s second term: will it be the same or different for markets?Financial markets seem to be looking back fondly upon Donald J. Trump's first four-year term in the White House and hoping for more of the same. Trump's victory in the 2016 election was initially greeted with trepidation, and the US government bond market feels less enthusiastic this time around. On the flip side equities, the dollar and Bitcoin...
23 January 2025
What does it mean for stock markets if the Santa Rally failed to deliver?The so-called Santa Rally in stock markets failed to deliver in December, when the FTSE 100 fell by 1.4% and America’s S&P 500 slid by 2.5%. However, such a soggy end to one year does not mean that the new year is guaranteed to lack cheer, at least if history is any guide.
Admittedly, there is no shortage of things about which investors can worry...
16 January 2025
Which UK stocks have analysts tipped for success in 2025?As we enter 2025, it can be useful for investors to look at what analysts think will happen in markets in the year. At present, 59% of all analysts’ recommendations for companies in the FTSE 100 are buys and just 7% are sells - the highest and lowest scores respectively over the past 11 years.
It’s a similar case for the FTSE 350 index, where 61%...
13 January 2025
FTSE 100 boardrooms more stable than football dressing rooms in 2024In 2024 it looks like shareholders and boardrooms once more showed more patience than football club executives and supporters, even if the FTSE 100 index made relatively modest progress compared to many of its major international peers.
A total of 14 FTSE 100 firms saw a change in chief executive, just above the post-2000 average of 13, while a new...
7 January 2025
FTSE 100 dividend cover decreases as profit and dividend forecasts slipThe FTSE 100 was up by almost 6% in 2024 and is offering a forecast dividend yield of some 3.6% on top of that, to provide a steady double-digit percentage return. Analysts expect £78.5 billion in dividends from the FTSE 100 in 2024, before a 6.5% increase in 2025 to £83.6 billion.
The FTSE 100’s forecast aggregate dividend payment for 2024 lies...
18 December 2024
Five themes for investors to watch in 2025Perhaps, thanks to AI, investors need to consider the words of American industrialist J. Paul Getty, who once asserted, ‘In times of rapid change, experience can be your worst enemy,’ because those who are sticking to long-held valuation disciplines are getting left behind as US equities generally, AI-related names more specifically and...
7 November 2024
What does a Trump triumph mean for markets?In stock market terms, Joe Biden has been an average president, as the Dow Jones Industrials index has advanced by 36.5% during his stint in office (so far), compared to the post-war historic average for a four-year presidency of 37.5%, and investors are already wondering what the 60th ballot in US history will mean for them.
The policies espoused...
6 November 2024
Why oil stocks could yet surprise despite bleak outlookEquity markets are buoyant, fixed income markets seem more nervous judging by yields on government bonds rising in the UK and USA and commodity prices continue to march to their own beat, as gold and silver surge, industrial metals largely flat line and oil and gas are well down over the past year.
Weak hydrocarbon prices are helping to cool...
6 November 2024
Stocks, currencies and bitcoin fired up as Trump declares victory, Marks & Spencer’s turnaround gathers pace, Wetherspoons toasts strong sales, Persimmon warns of cost pressures“US and European markets raced ahead on projections for Donald Trump to win the US Presidential election,” says Russ Mould, investment director at AJ Bell.
“The dollar strengthened and 10-year Treasury yields jumped to 4.406% on the assumption that Trump’s policies will stoke inflation and require interest rates to stay higher for longer. That...
21 October 2024
Is it time for emerging stock markets to return to favour?This could be the latest test of Sir John Templeton’s so-called principle of maximum pessimism. The fund management legend once stated, ‘People are always asking me where the outlook is good, but that is the wrong question. The right question is: where is the outlook most miserable?’
India’s headline Sensex stock market index trades at all-time...
15 October 2024
Pair of increased takeover bids state the value case for UK equitiesFrasers’ increased offer for Mulberry may well founder upon the blocking stake held by Challice but ABC Technologies seems to be winning over the board of TI Fluid Systems with its higher bid.
Both approaches suggest that trade buyers think there is value to be had in the UK equity market – a message that stock market investors still seem a bit...
10 October 2024
China shares resume rally, GSK higher after settling Zantac cases, Uniqlo reports big profit growth, Warren Buffett seen as preparing new Japanese investment spree and Tesla prepares to unveil robotaxi“Is the renewed rally in Chinese shares a dead cat bounce or the real deal? That’s the key question investors will be asking after stocks resumed their upward path after a big pullback yesterday,” says Russ Mould, investment director at AJ Bell.
“The market is eagerly awaiting a briefing from China’s finance officials this weekend with the hope...
9 October 2024
The FTSE 100 firm expected to have a total cash yield of 14% next yearHealth campaigners and investors who run strict environmental, social and governance (ESG) screens may be frustrated by it, but income investors will be pleased to see shares in Imperial Brands trading near five-year highs after the company’s full-year trading update, which offers the tantalising prospect of an increased dividend and a further...
8 October 2024
Minimal growth for FTSE 100 dividends, but share buybacks save the dayAny investor who sold in May, went away, and came back on St Leger day did not miss much, but they did not accrue any great benefit either, even allowing for August’s brief stock market squall. The FTSE 100 has broadly gone sideways, having set a new all-time high in May, as investors have considered the implications of the general election result...
8 October 2024
Cracks appear in China rally, Vistry warns, Rémy Cointreau, Pernod Ricard and Diageo hit by anti-dumping measures, Imperial Brands pleases, Greencore upgrades guidance and Motorpoint revs up“Beijing’s ‘whatever it takes’ economic stimulus programme continued to drive a strong rally in Chinese shares. Shanghai’s CSI 300 index jumped another 5.6% as trading resumed after a week-long holiday, with healthcare, technology and industrials leading the charge,” says Russ Mould, Investment Director at AJ Bell.
“Some might find this rally quite...
7 October 2024
Why America has the same shrinking stock market problem as the UKIts stock market listings are down by almost half since 1996, the number of new floats is down by nearly 90% from 2021’s peak and this year’s initial public offerings have left investors sat on an average loss of 7.1%. Yes, this deadbeat stock market is… the USA.
While the UK market is regularly pilloried for its lack of new joiners and shrinking...
4 October 2024
Wetherspoons bring back dividends, Watches of Switzerland goes shopping and Spirit Airlines’ shares dive“All eyes are on US jobs numbers later today as the data could provide an important clue as to the Federal Reserve’s next steps with interest rates,” says Russ Mould, investment director at AJ Bell.
“The consensus forecast is for 140,000 jobs to have been added during September, roughly in line with the previous month. If that proves correct, it...
1 October 2024
FTSE 100 higher, WPP rises on Unilever relief, Greggs’ growth slows, Mulberry rejects Frasers’ takeover bid, eBay in radical UK move and US dockworker strike could feed into higher inflation“The FTSE 100 ticked higher on Tuesday morning with oil prices remaining steady despite Israel launching a ground offensive against Hezbollah in Lebanon,” says AJ Bell investment director Russ Mould.
“Gold prices ticked higher, within sight of record highs amid the Middle East turmoil, helping to lift precious metals miners on the UK stock market.
...30 September 2024
Rightmove rejects fourth bid, Stellantis and Aston Martin warn and JPMorgan Global Growth & Income outperforms“The weighting of Asia-focused financial stocks and resources companies in the FTSE 100 mean its fortunes have strong ties to the Chinese economy,” says AJ Bell investment director Russ Mould.
“The continuing excitement about the impact of Beijing’s stimulus efforts helped the index to a steady start on Monday, despite the downgrade to UK GDP.
“Fur...
27 September 2024
Blockbuster week for Asian markets, BP and Shell bounce back from oil price-driven sell-off and meat eaters out in force for Cranswick“Having been one of the most unloved parts of the investment market for several years, investors have raced to buy Chinese shares in a blockbuster week for Asian markets,” says Russ Mould, investment director at AJ Bell.
“The fact the rally hasn’t run out of steam implies a sense of FOMO – fear of missing out on the big gains in Chinese shares we...
26 September 2024
Defensive sectors come to the fore even as investors celebrate Fed rate cut“Investors continue to welcome the first interest rate cut from the US Federal Reserve in four years, and a big one at that, in the view that the central bank is doing its best to keep American economic growth firmly on track,” says AJ Bell investment director Russ Mould.
“However, the need for a half-point cut may be tempering enthusiasm slightly...
26 September 2024
China rally goes into overdrive, oil prices retreat on fears of extra supply from Libya, Diageo jumps as things are bad but not getting any worse and Mitchells & Butlers faces sales slowdown“It’s a good day to be invested in the markets as major equity indices pushed ahead across Europe and Asia,” says Russ Mould, investment director at AJ Bell.
“Fresh from big stimulus measures earlier in the week, all eyes remained focused on China amid talk that Beijing might inject up to 1 trillion yuan of capital into its top banks and to support...
25 September 2024
Markets pause for breath, Rightmove rejects third bid, activist grabs seat on Rentokil board, DFS still struggling, OECD offers glimmer of hope on UK economy“Banks, utilities and tobacco stocks were at the top of investors’ lists for trimming positions, causing the FTSE 100 to lose momentum. The index was flat at 8,280 despite the best efforts of mining stocks still enjoying a rally from China’s latest stimulus measures,” says Russ Mould, investment director at AJ Bell.
“Futures prices imply a...
24 September 2024
Raspberry Pi passes first post-IPO test, Card Factory profit slumps and Smiths Group misses forecasts“China has been searching for solutions to its economic growth challenge for some time, and stimulus measures haven’t really worked. It’s gone from being a trailblazer with supersonic economic expansion to a country whose batteries were close to running out of energy. It’s now gone all-in with its bet on getting the economy back into top gear and...
23 September 2024
FTSE 100 steady, gold at record highs, third bid for Rightmove may not be high enough, Apollo eyes Intel investment and Alphawave IP revenue halves“The FTSE 100 was steady in early trading on Monday after seeing losses on Friday as US stocks slipped,” says AJ Bell investment director Russ Mould.
“Investors are still weighing the Federal Reserve’s blockbuster 50 basis point interest rate cut last week, which was seen in some quarters as worrying about the state of the world’s largest economy...
20 September 2024
FTSE 100 lower as bumper retail sales overshadowed by worrying public debt and consumer confidence data, Nike replaces CEO and $8 billion wiped off value of FedEx“The FTSE 100 started off on the back foot on Friday despite record highs in the US overnight. The index was dragged lower by a surge in the pound which affects the relative value of constituents’ overseas earnings,” says AJ Bell investment director Russ Mould.
“Chancellor Rachel Reeves’ regular warnings of ‘difficult decisions’ in the Budget will...
20 September 2024
Why the US Federal Reserve needs to get interest rates down (and fast)The US Federal Reserve’s decision to cut interest rates by half a percentage point is generally winning praise for the signals it sends on the fight against inflation and the pre-emptive, pro-growth nature of the move but it just may be that the central bank has little option, owing to America’s ballooning budget deficit.
Another row over the debt...
19 September 2024
Fed ditches laggard reputation with bold rate cut, markets respond favourably, Next upgrades guidance after bumper first half and Ocado Retail shines in third quarter“Central banks have a reputation of moving at a snail’s pace, spending too long analysing data and subsequently playing catch-up with their monetary policy decisions. It feels as if the Federal Reserve has had enough of this criticism and wants to be seen in a different light. A half-percentage point interest rate cut is certainly not messing...
18 September 2024
America’s bond market could be flagging trouble ahead for its stock marketOne of the most intriguing facets of financial markets of the past two years has been the differing messages offered by bond yields and share prices.
The US bond market has been predicting a recession. The American stock market has instead priced in a cooling in inflation, a gentle economic landing and a pivot to interest rate cuts from central...
18 September 2024
Investors focus on rate cuts, Legal & General’s Cala sale disappoints, bid talk lifts Advanced Medical Solutions, Games Workshop’s bare bones approach, AI IPO for UK and PZ Cussons’ woes“While the Federal Reserve will almost certainly cut US interest rates today, it seems the chances of the Bank of England following suit with UK rates tomorrow have weakened after the publication of new inflation data,” says Russ Mould, investment director at AJ Bell.
“Services inflation arguably remains too high to warrant another cut from the...
12 September 2024
Why markets are getting nervous as the first US rate cut draws nearA third consecutive interest rate cut from the Bank of Canada continues the trend toward lower headline borrowing costs, and the number of rate cuts this year already exceeds the total of 2022 and 2023 combined.
The US Federal Reserve is dropping very unsubtle hints that it will be reducing the cost of borrowing at the next meeting of the Federal...
11 September 2024
Will the UK stock market race higher after St Leger Day?The 248th running of the St Leger is due to take place at its traditional home of Town Moor, Doncaster on Saturday and the stable of trainer Aiden O’Brien has a stranglehold on the big race, as the masterful Irishman trains the first three in the betting. Stock market investors will be keeping an eye on the event for different reasons, given the...
11 September 2024
Why Apple’s new iPhone 16 matters to investorsScience-fiction writer Douglas Adams may not have been a massive fan of technology, judging by his jibe that “a mobile phone needs a manual in a way that a teacup doesn’t,” but stock market investors had very high hopes for the launch of Apple’s iPhone 16. Now we’ve got all the information on the new device, some investors might be asking whether...
27 August 2024
Bunzl shares blast to new all-time high“A second increase to sales and profits guidance for the year to March 2025, a higher dividend and a share buyback programme are helping to drive Bunzl’s shares to new all-time highs, thanks in part to select acquisitions,” says AJ Bell investment director Russ Mould.
“Bunzl’s track record with making the most of its purchases is good, not least...
27 August 2024
Why silicon chip sales are a good guide to global economic activityThe Philadelphia Semiconductor Index – known as the SOX – is a useful guide to both global economic activity and equity investors’ risk appetite and it could be worth keeping an eye on the benchmark, especially as Nvidia is one of its biggest constituents and the AI-leader is reporting its latest quarterly results this week.
Nvidia could have a...
22 August 2024
Prudential first-half results: Wednesday 28 AugustPrudential’s shares are down by a third over the past year and languish at 12-year lows, dragged down by markets’ disappointment with how the economies of Hong Kong and China are failing to show markedly improved momentum after the conclusion of their lengthy lockdowns imposed because of covid-19.
After the spin-offs of London-headquartered fund...
14 August 2024
Just Group keeps it simple as it raises earnings guidance again“Higher interest rates might not be to everyone’s taste but a relative normalisation in the headline cost of borrowing, bond yields and returns on cash continues to benefit Just Group, as its bulk annuities business continues to gather momentum and retail annuity sales grow strongly after years in the doldrums,” says AJ Bell investment director...
8 August 2024
Persimmon sees completions at top end of guidance, Warner Bros Discover slashes valuation of cable channels and Deliveroo delivers profit and cash flow“The FTSE 100 gave back a big portion of the gains chalked up on Wednesday as global markets remain jittery after the recent sell-off,” says AJ Bell investment director Russ Mould.
“There will be concern that a positive start to trading on Wall Street on Wednesday faded fast with all eyes now turning to today’s session and whether last night was...
